How to navigate the US Internal Revenue Code

Code

Regulations

Administrative and Judicial Pronouncements

Tax rates on income of the following categories of persons (US citizens) and US tax residents:

Individuals/ Proprietorships (Not a separate taxable entity)

Partnerships

Limited Liability Companies

Companies (C-Corp & S-Corp)

Grantor and non grantor trusts

Check the box election

Federal tax rate on common categories of income:

Business income

Capital gains - Long and short term - meaning (on sale of shares, real property, or collectibles )

Wages and Salaries

Profits??

Dividend

Non-cash based income such as ESOPs and sweat equity

Licence fees earned by directors

Other Federal taxes on Income of Individuals

Alternative minimum tax

FICA (Social Security and Medicare Tax)

Obamacare Tax or Net Investment Income Tax

Standard deductions under Federal tax law

Deductions for business expenses

Expense deductions for US-based freelancer/professional who works from home

Tax relaxations for small businesses

Tax implications for companies incorporated by non U.S. individuals or non U.S. holding companies in all the countries

Treatment of income of the US company and the shareholder/parent company under US tax law

Taxation on repatriation (Dividends)

How US taxes digital platforms and businesses

How US taxes gig workers

Treatment of Virtual Currencies

How to find out whether US Tax Law apply to your client

How to register with the I.R.S. - EIN / ITIN / State VAT

Important tax compliances for employers/companies based in the US

Important form filings for tax compliance in the US for all of the above scenarios

Form 1040, Form 1040-ES, Form 1040 SR

Form 1120, Form 1120-S, Form 1120-F

Form 1065

Form 1041

Form W-7

Form W-4

Form W-9

Form SS-4

Form 941

Form W-2

Form 9465

Form 4506-T

Form 1099-NEC

Form 1099-MISC

Form 1099-K

International Reporting for US taxpayers

Form 8938

Form 5471

Form 8865

Form 8858

FBARs

Tax on US Distributors, Partners and Resellers of Indian or other non-US SAAS companies

Tax on Drop-Shipping Transactions

Tax on ESOPs and Sweat Equity

Types of share based incentives: ESOPs, SARs, RSUs and Phantom stock

When is tax payable with respect to a transaction involving ESOPs, RSUs, SARs or phantom stock?

Tax implications in respect of the following share based transactions

ESOPs held by US employees in a US company

ESOPs held by foreigners living in the US receiving ESOPs of a foreign company

ESOPs held by foreign employees (living outside) in a US company

Taxation of corporate and M&A transactions:

Mergers

Investments and Acquisitions

Exits

Taxation of corporate and bank financings

Taxation of conversions from one form of business to another

Applicability of Foreign Accounts Tax Compliance Act (FATCA)

Key obligations under FATCA

Compliance requirements and other legal work under FATCA

Form 8938, Statement of Specified Foreign Financial Assets

FinCEN Form 114

Consequences of violation of FATCA provisions